# Table 16: Hansen Threshold Test (Governance)

Pooled SSR: 342835.66, N=2615

| Threshold | N below | N above | Z₁ below | p-val | Z₁ above | p-val | F | p(F) |
|---|---|---|---|---|---|---|---|---|
| 0.809 | 2058 | 557 | 66.66*** | 0.0000 | 35.81 | 0.2475 | 34.73 | 0.0000 |
| 0.115 | 1619 | 996 | 78.87*** | 0.0000 | -26.50 | 0.2393 | 33.49 | 0.0000 |
| 0.923 | 2131 | 484 | 64.26*** | 0.0000 | 46.08 | 0.1645 | 26.82 | 0.0000 |
| 0.345 | 1765 | 850 | 64.80*** | 0.0000 | -19.11 | 0.3998 | 25.82 | 0.0000 |
| 0.061 | 1582 | 1033 | 83.24*** | 0.0000 | -21.96 | 0.3212 | 25.00 | 0.0000 |
| 0.871 | 2094 | 521 | 64.00*** | 0.0000 | 34.68 | 0.2658 | 23.75 | 0.0000 |
| 0.614 | 1948 | 667 | 57.12*** | 0.0002 | 10.53 | 0.7279 | 21.93 | 0.0000 |
| 0.175 | 1655 | 960 | 72.06*** | 0.0000 | -21.37 | 0.3287 | 21.08 | 0.0000 |
| 0.729 | 2021 | 594 | 64.49*** | 0.0000 | -12.21 | 0.7180 | 18.38 | 0.0000 |
| 0.226 | 1692 | 923 | 69.12*** | 0.0000 | -19.60 | 0.3962 | 16.24 | 0.0000 |